On November 11th, 2016 Rob Chrisman will join other appraisal industry stakeholders in kicking off Valuation Expo in Las Vegas giving the keynote address. Those of you may know Rob from his widely read Daily Mortgage News & Commentary. The Buzz staff was able to ask Rob a few questions about his take on the future of the industry and what he plans to address at Valuation Expo.
Buzz: We always like to start off with an easy question, tell us a little about your experience in the industry and what motivates you to write your daily market commentary.
Chrisman: While I was in the MBA program at Cal I had a summer job at a mortgage bank in 1985. I’ve been in it, more or less, ever since. My background is primarily capital markets, working with investors, although I did run a subprime company. Much of my experience in capital markets was spent on a trading desk, and the daily commentary sprang from reports I would give our accounts each day starting in the 1980s. The motivation is relatively straightforward: I think it is important for people involved in residential lending to have unbiased, accurate information in a timely manner. And I enjoy doing it, and meeting the people in the lending business.
Buzz: The Presidential election will take place right before Valuation Expo, what kind of impact do you think this will have on housing finance and appraisal reform?
Chrisman: To be honest, not much. Housing is not a burning issue as it has been in the last few elections. Fannie & Freddie need to come out of conservatorship, but that is not a presidential issue. They are both making money. Most housing markets are doing well, although first time home buyers are priced out of many markets. And foreclosures and delinquencies are down. We are in an election, frankly, where a noticeable percentage of the population is going to vote for someone they dislike the least. That is not ideal. But in terms of the markets, they’ll probably rather have Clinton in the office since it is more of the status quo. And then the question will be, will either individual be able to accomplish anything, and what will the makeup of Congress be?
Buzz: Can you provide a little teaser about what you will be sharing with our attendees at Valuation Expo?
Chrisman: I’d like to talk about the industry from the lender’s perspective. What CEOs are thinking about, and how best to serve the consumer.
Buzz: I don’t want you to give away all of your talking points, but what kind of barriers do you see on the lender side of things in regard to appraisal reform?
Chrisman: Mortgage prices are a function of supply and demand. The demand comes from investors, and investors need to have a great deal of comfort that the collateral is of a certain value. As long as reforms are carried out that don’t spook the investors, I think lenders will be happy with them.
Buzz: What is your take on the appraiser shortage – Fact or Fiction?
Chrisman: It is a fact in some areas, somewhat fiction in others. But I don’t think anyone disagrees that there are problems with the system that, if corrected, would be beneficial to many.
Buzz: Rob, thank you for taking some time out and answering a few questions for our readers. We look forward to hearing your thoughts at Valuation Expo in Las Vegas on November 10-12, 2016.
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